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The U.S. economy expanded at a sluggish 1.5% pace from April through June as rising imports weighed on growth. But consumer spending rose. And the Federal Reserve's favored measure of inflation grew more slowly last month, but remained above the central bank's 2% target.
The Commerce Department reported Thursday that growth in U.S. gross domestic product -- the nation's output of goods and services -- decelerated from 2.1% in the first three months of 2026 and came in below economists' expectations.
Mortgage rate rises to highest level in a year
The average long-term U.S. mortgage rate rose for the fourth consecutive week to its highest level in a year, another setback for prospective homebuyers hoping for a break from elevated home loan borrowing costs.
Mortgage buyer Freddie Mac said Thursday that the benchmark 30-year fixed rate mortgage rate rose to 6.66% from 6.58% last week. One year ago, the average rate was 6.72%. Higher mortgage rates can add hundreds of dollars a month in costs for borrowers, limiting homebuyers' purchasing power.
Robotaxis to operate without steering wheels
Federal regulators are clearing the way for robotaxis to operate without steering wheels or eventually even brake pedals.
Amazon's fully autonomous Zoox vehicles got approval Thursday to begin charging customers for rides in the specially designed cars that feature four
inward-facing seats once they secure state and local approval. Zoox has already been offering free rides in Las Vegas and San
Francisco since last fall.
Amazon reports strong profits and net sales
Amazon delivered strong profits and net sales during its fiscal second quarter, helped by surging growth in its prominent cloud computing unit.
The e-commerce and technology company said Thursday that sales in its cloud computing unit called AWS were up 37% during the April-June period, faster than the 28% clip in the previous quarter and marking the fastest growth rate in 18 quarters.
EU lays out $11.4 billion for 7 AI gigafactories
The European Union plans to invest 10 billion euros to build seven AI gigafactories, aiming to catch up with the U.S. and China. The European Commission hopes this public funding will attract private investment, totaling up to 20 billion euros.
These gigafactories should house at least 100,000 advanced AI chips, significantly boosting Europe's computing power. Currently, Europe lags in AI development, with high electricity costs and reliance on U.S. AI providers. The EU initiative includes adherence to data protection and ethical standards, aligning with its Digital Services and Market Acts.
Strong iPhone sales propel fiscal Q3 results
Apple posted a solid fiscal third quarter on Thursday, climbing past Wall Street's expectations thanks to strong sales of the iPhone and MacBook computers. Apple raised the prices of its Macs and iPads last month, citing a memory-chip shortage brought on by the artificial intelligence boom.
The company had called the demand spike an "unprecedented challenge" for the consumer electronics industry. While it hasn't yet raised iPhone prices, analysts and consumers expect that to happen later this year.